Corporate Governance :: Board Committees
Audit, Compliance and Risk Management Committee
The Committee's Charter includes the following duties and responsibilities:
- to review the financial information presented by management to the Board, the external auditors and the public.
- to review draft half-year and annual financial statements and supporting narrative, and the external auditor's report, and make recommendations to the board as to adoption.
- to oversee the performance of the external auditor and to be satisfied as to its independence.
- to review the effectiveness and efficiency of management processes, and internal financial controls and control systems.
- to supervise the internal audit function and to receive regular reports from the internal auditors on risks and exposures.
- to receive regular reports on statutory compliance.
- to maintain open and direct lines of communication with the external and internal auditors.
- to make recommendations to the Board as to the appointment and discharge of the external auditor.
Roles and Responsibilities
The Audit, Compliance and Risk Management Committee is responsible for monitoring risks and exposures, and compliance with statutory, and regulatory obligations and industry standards. TOWER Australia Group has comprehensive systems in place to identify, assess, monitor and manage risk.
At the forefront of these are the internal audit processes that are overseen by TOWER Australia Group's internal audit team, the external audit process carried out by TOWER Australia Group's external auditor, the compliance processes that are overseen by TOWER Australia Group's compliance teams, and the comprehensive risk management process for each operating company.
Committee Membership
The Charter for the Audit, Compliance and Risk Management Committee requires that the Committee comprise a minimum of three suitably qualified Non-Executive Directors appointed from time to time by the Board. The Board appoints the Chairman of the Committee, who cannot also be Chairman of the Board. The members of the Audit, Compliance and Risk Management Committee are Don Findlater (Chairman), Peter Lewinsky, Ralph Pliner and Elana Rubin. The Managing Director cannot be a member of the Committee. The Committee has scheduled to meet a minimum of four times a year.
